INVESCO DB BASE METALS FUND
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 6, 2026
DBB$24.38-1.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Unaudited Financial Statements
ITEM 1. FINANCIAL STATEMENTS.
Statements of Financial Condition
September 30, 2026 and December 31, 2025
| September 30, | December 31, | |
|---|---|---|
| 2026 | 2025 | |
| Assets | ||
| Affiliated investments, at value and cost | $315,461,972 | $146,980,895 |
| Other investments: | ||
| LME Commodity Futures Contracts receivable | 5,231,431 | 2,743,572 |
| Unrealized appreciation on LME Commodity Futures Contracts | 11,036,815 | 14,464,805 |
| Cash held by Custodian | — | 3,455,919 |
| Deposit with Commodity Broker | 19,521,385 | 34,764,281 |
| Receivable for: | ||
| Dividends from affiliates | 996,864 | 409,882 |
| Total assets | $352,248,467 | $202,819,354 |
| Liabilities | ||
| Other investments: | ||
| Variation margin payable- Commodity Futures Contracts | $1,742,860 | $— |
| Unrealized depreciation on LME Commodity Futures Contracts | 5,024,195 | 196,992 |
| Payable for: | ||
| Fund shares reacquired | 1,264,787 | — |
| Management fees | 193,731 | 98,655 |
| Total liabilities | $8,225,573 | $295,647 |
| Commitments and Contingencies (Note 10) | ||
| Equity | ||
| Shareholders' equity—General Shares | 1,012 | 915 |
| Shareholders' equity—Shares | 344,021,882 | 202,522,792 |
| Total shareholders' equity | 344,022,894 | 202,523,707 |
| Total liabilities and equity | $352,248,467 | $202,819,354 |
| General Shares outstanding | 40 | 40 |
| Shares outstanding | 13,600,000 | 8,850,000 |
| Net asset value per share | $25.30 | $22.88 |
| Market value per share | $25.29 | $22.94 |
Schedule of Investments
September 30, 2026
| Description | Percentage ofShareholders'Equity | Value | Shares |
|---|---|---|---|
| Affiliated Investments | |||
| Money Market Mutual Fund | |||
| Invesco Government & Agency Portfolio, Institutional Class, 3.81% (cost $315,461,972)(a)(b) | 91.70% | $315,461,972 | 315,461,972 |
| Total Affiliated Investments (cost $315,461,972) | 91.70% | $315,461,972 | |
(a)
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. See Note 8.
(b)
The rate shown is the 7-day SEC standardized yield as of September 30, 2026.
| Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(c) · UnrealizedAppreciation(Depreciation)(c) | |||||||
|---|---|---|---|---|---|---|---|
| Long Futures Contracts | |||||||
| COMEX Copper | 482 | May - 2027 | $81,879,750 | $888,144 | $888,144 | ||
| LME Aluminum | 1,199 | December - 2026 | 95,109,476 | (1,721,430) | (1,721,430) | ||
| LME Copper | 243 | March - 2027 | 87,586,313 | 7,193,417 | 7,193,417 | ||
| LME Lead | 269 | March - 2027 | 12,795,321 | (1,203,054) | (1,203,054) | ||
| LME Nickel | 359 | September - 2027 | 35,482,864 | (2,099,711) | (2,099,711) | ||
| LME Zinc | 325 | March - 2027 | 30,937,725 | 3,843,398 | 3,843,398 | ||
| Total Commodity Futures Contracts | $6,900,764 | $6,900,764 | |||||
(c)
Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.
Schedule of Investments
December 31, 2025
| Description | Percentage ofShareholders'Equity | Value | Principal Value |
|---|---|---|---|
| Affiliated Investments | |||
| Money Market Mutual Fund | |||
| Invesco Government & Agency Portfolio, Institutional Class, 3.68% (cost $146,980,895)(a)(b) | 72.57% | $146,980,895 | 146,980,895 |
| Total Affiliated Investments (cost $146,980,895) | 72.57% | $146,980,895 | |
(a)
Affiliated issuer. The issuer and/or the Fund is a wholly-owned subsidiary of Invesco Ltd., or is affiliated by having an investment adviser that is under common control of Invesco Ltd. See Note 8.
(b)
The rate shown is the 7-day SEC standardized yield as of December 31, 2025.
| Open Commodity Futures Contracts · Number of Contracts · Expiration Date · NotionalValue · Value(c) · UnrealizedAppreciation(Depreciation)(c) | |||||||
|---|---|---|---|---|---|---|---|
| Long Futures Contracts | |||||||
| COMEX Copper | 322 | July - 2026 | $46,617,550 | $3,682,853 | $3,682,853 | ||
| LME Aluminum | 764 | December - 2026 | 57,653,350 | 2,431,125 | 2,431,125 | ||
| LME Copper | 157 | April - 2026 | 48,741,200 | 9,928,515 | 9,928,515 | ||
| LME Lead | 182 | February - 2026 | 9,089,535 | (196,992) | (196,992) | ||
| LME Nickel | 239 | September - 2026 | 24,296,018 | 2,063,703 | 2,063,703 | ||
| LME Zinc | 207 | February - 2026 | 16,094,457 | 41,462 | 41,462 | ||
| Total Commodity Futures Contracts | $17,950,666 | $17,950,666 | |||||
(c)
Unrealized Appreciation (Depreciation) and Value are presented above, net by contract.
Statements of Income and Expenses
For the Three and Nine Months Ended September 30, 2026 and 2025
| Three Months Ended · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2026 | 2025 | 2026 | 2025 | |
| Income | ||||
| Interest Income | $184,219 | $222,674 | $629,727 | $1,561,898 |
| Dividends from Affiliates | 3,039,038 | 1,002,069 | 7,911,858 | 2,096,322 |
| Total Income | 3,223,257 | 1,224,743 | 8,541,585 | 3,658,220 |
| Expenses | ||||
| Management Fees | 685,054 | 229,049 | 1,873,372 | 644,295 |
| Brokerage Commissions and Fees | 9,469 | 24,825 | 41,558 | 45,629 |
| Interest Expense | 19,492 | — | 43,137 | 1,977 |
| Total Expenses | 714,015 | 253,874 | 1,958,067 | 691,901 |
| Less: Waivers | (81,983) | (23,849) | (216,620) | (48,383) |
| Net Expenses | 632,032 | 230,025 | 1,741,447 | 643,518 |
| Net Investment Income (Loss) | 2,591,225 | 994,718 | 6,800,138 | 3,014,702 |
| Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts | ||||
| Net Realized Gain (Loss) on | ||||
| Commodity Futures Contracts | 726,592 | 2,546,547 | 26,975,306 | (4,757,303) |
| Net Realized Gain (Loss) | 726,592 | 2,546,547 | 26,975,306 | (4,757,303) |
| Net Change in Unrealized Gain (Loss) on | ||||
| United States Treasury Obligations | — | — | — | (52,317) |
| Commodity Futures Contracts | 14,349,493 | 3,384,004 | (11,049,902) | 10,762,414 |
| Net Change in Unrealized Gain (Loss) | 14,349,493 | 3,384,004 | (11,049,902) | 10,710,097 |
| Net Realized and Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts | 15,076,085 | 5,930,551 | 15,925,404 | 5,952,794 |
| Net Income (Loss) | $17,667,310 | $6,925,269 | $22,725,542 | $8,967,496 |
Statements of Changes in Shareholders’ Equity
For the Three Months Ended September 30, 2026 and 2025
| General Shares · Shares · Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity | |||||||||
| Balance at June 30, 2026 | 40 | $963 | 14,450,000 | $347,902,003 | $347,902,966 | ||||
| Purchases of Shares | 1,250,000 | 31,598,303 | 31,598,303 | ||||||
| Redemption of Shares | (2,100,000) | (53,145,685) | (53,145,685) | ||||||
| Net Increase (Decrease) due to Share Transactions | (850,000) | (21,547,382) | (21,547,382) | ||||||
| Net Income (Loss) | |||||||||
| Net Investment Income (Loss) | (11) | 2,591,236 | 2,591,225 | ||||||
| Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts | (134) | 726,726 | 726,592 | ||||||
| Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts | 194 | 14,349,299 | 14,349,493 | ||||||
| Net Income (Loss) | 49 | 17,667,261 | 17,667,310 | ||||||
| Net Change in Shareholders' Equity | — | 49 | (850,000) | (3,880,121) | (3,880,072) | ||||
| Balance at September 30, 2026 | 40 | $1,012 | 13,600,000 | $344,021,882 | $344,022,894 | ||||
| General Shares · Shares · Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity | |||||||||
| Balance at June 30, 2025 | 40 | $774 | 6,050,000 | $117,009,111 | $117,009,885 | ||||
| Purchases of Shares | 700,000 | 13,750,203 | 13,750,203 | ||||||
| Redemption of Shares | (600,000) | (11,704,264) | (11,704,264) | ||||||
| Net Increase (Decrease) due to Share Transactions | 100,000 | 2,045,939 | 2,045,939 | ||||||
| Net Income (Loss) | |||||||||
| Net Investment Income (Loss) | 1 | 994,717 | 994,718 | ||||||
| Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts | 43 | 2,546,504 | 2,546,547 | ||||||
| Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts | 1 | 3,384,003 | 3,384,004 | ||||||
| Net Income (Loss) | 45 | 6,925,224 | 6,925,269 | ||||||
| Net Change in Shareholders' Equity | — | 45 | 100,000 | 8,971,163 | 8,971,208 | ||||
| Balance at September 30, 2025 | 40 | $819 | 6,150,000 | $125,980,274 | $125,981,093 | ||||
Statements of Changes in Shareholders’ Equity
For the Nine Months Ended September 30, 2026 and 2025
| General Shares · Shares · Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity | |||||||||
| Balance at December 31, 2025 | 40 | $915 | 8,850,000 | $202,522,792 | $202,523,707 | ||||
| Purchases of Shares | 11,600,000 | 285,895,633 | 285,895,633 | ||||||
| Redemption of Shares | (6,850,000) | (167,121,988) | (167,121,988) | ||||||
| Net Increase (Decrease) due to Share Transactions | 4,750,000 | 118,773,645 | 118,773,645 | ||||||
| Net Income (Loss) | |||||||||
| Net Investment Income (Loss) | 29 | 6,800,109 | 6,800,138 | ||||||
| Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts | 115 | 26,975,191 | 26,975,306 | ||||||
| Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts | (47) | (11,049,855) | (11,049,902) | ||||||
| Net Income (Loss) | 97 | 22,725,445 | 22,725,542 | ||||||
| Net Change in Shareholders' Equity | — | 97 | 4,750,000 | 141,499,090 | 141,499,187 | ||||
| Balance at September 30, 2026 | 40 | $1,012 | 13,600,000 | $344,021,882 | $344,022,894 | ||||
| General Shares · Shares · Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares · TotalEquity · Shares · TotalEquity · Shareholders'Equity | |||||||||
| Balance at December 31, 2024 | 40 | $752 | 6,000,000 | $112,747,562 | $112,748,314 | ||||
| Purchases of Shares | 2,000,000 | 38,813,830 | 38,813,830 | ||||||
| Redemption of Shares | (1,850,000) | (34,548,547) | (34,548,547) | ||||||
| Net Increase (Decrease) due to Share Transactions | 150,000 | 4,265,283 | 4,265,283 | ||||||
| Net Income (Loss) | |||||||||
| Net Investment Income (Loss) | 23 | 3,014,679 | 3,014,702 | ||||||
| Net Realized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts | (36) | (4,757,267) | (4,757,303) | ||||||
| Net Change in Unrealized Gain (Loss) on United States Treasury Obligations, Affiliated Investments and Commodity Futures Contracts | 80 | 10,710,017 | 10,710,097 | ||||||
| Net Income (Loss) | 67 | 8,967,429 | 8,967,496 | ||||||
| Net Change in Shareholders' Equity | — | 67 | 150,000 | 13,232,712 | 13,232,779 | ||||
| Balance at September 30, 2025 | 40 | $819 | 6,150,000 | $125,980,274 | $125,981,093 | ||||
Statements of Cash Flows
For the Nine Months Ended September 30, 2026 and 2025
| 2026 | 2025 | |
|---|---|---|
| Cash flows from operating activities: | ||
| Net Income (Loss) | $22,725,542 | $8,967,496 |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
| Proceeds from securities sold and matured | — | 50,000,000 |
| Cost of affiliated investments purchased | (405,239,419) | (84,883,963) |
| Proceeds from affiliated investments sold | 236,758,342 | 41,616,921 |
| Net accretion of discount on United States Treasury Obligations | — | (895,674) |
| Net change in unrealized (gain) loss on United States Treasury Obligations, Affiliated Investments and LME Commodity Futures Contracts | 8,255,193 | (10,710,097) |
| Change in operating assets and liabilities: | ||
| Variation margin - Commodity Futures Contracts | 1,742,860 | — |
| Deposit with Commodity Broker | 15,242,896 | (7,513,456) |
| Dividends from affiliates | (586,982) | (98,691) |
| LME Commodity Futures Contracts | (2,487,859) | (742,282) |
| Management fees | 95,076 | (5,599) |
| Brokerage commissions and fees | — | 62 |
| Net cash provided by (used in) operating activities | (123,494,351) | (4,265,283) |
| Cash flows from financing activities: | ||
| Proceeds from purchases of Shares | 285,895,633 | 38,813,830 |
| Redemption of Shares | (165,857,201) | (34,548,547) |
| Net cash provided by (used in) financing activities | 120,038,432 | 4,265,283 |
| Net change in cash | (3,455,919) | — |
| Cash at beginning of period | 3,455,919 | — |
| Cash at end of period | $— | $— |
| Supplemental disclosure of cash flow information | ||
| Cash paid for interest | $43,137 | $1,977 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.